Economics Questions and Answers
Economics questions and answers to help you prepare for JAMB, WAEC, NECO, Post UTME and job aptitude tests or interviews.
Economics questions and answers to help you prepare for JAMB, WAEC, NECO, Post UTME and job aptitude tests or interviews.
One major problem encountered by ECOWAS is_______?
Conflict of interest among members
Increasing population
Weakness in the trade relationship
Language barrier
Correct answer is D
PROBLEMS THE ECONOMIC COMMUNITY OF WEST AFRICAN STATES
- Language barrier
- Widespread Poverty
- Human Rights Abuses
- Financial problems
- Strong External Influence
- Single currency
In Nigeria, most agricultural policies are aimed at______?
Ensuring equitable distribution of income
Liberalizing all sectors of the nation's economy
Encouraging the development of manufacturing sector
Achieving self-sufficiency in food production
Correct answer is D
No explanation has been provided for this answer.
The price elasticity of supply of perishable goods is_________?
Elastic
Unitary
Inelastic
Zero
Correct answer is C
In case of perishable goods such as vegetables, fruits, and other eatables, thesupply would be inelastic.This is because the supply of perishable goods cannot be increased or decreased easily. As supply cannot be increased or decreased easily, therefore elasticity of supply is said to be relatively inelastic.
The type of inflation that emanates from excess demand overs supply is___________?
Galloping inflation
Imported inflation
Demand-pull inflation
Cost-push inflation
Correct answer is C
Demand-pull inflation arises when aggregate demand in an economy outpaces aggregate supply.
Public limited liability companies are owned by__________?
The federal government
Private and individual organizations
The state government
The federal and state governments
Correct answer is B
Public limited company; A company whose securities are traded on a stock exchange and can be bought by anyone. These companies are traded on exchanges and shares where shares can be openly bought or sold by individuals, companies, mutual funds, etc. Hence they are owned by shareholders (private individuals/organizations).
Public limited liability companies have an unlimited number of persons and a minimum membership of 7 persons and minimum capital requirements of N5 million.